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· Diversification of investment strategy for HNWI.
· Launch products to non-mass market segments.
· Organize brand awareness campaigns in locations that are frequented by such segments.
Deregulation has opened new markets.
* Insurers have access to a wider customer base.
* Competitive premium to the customers.
* Market entry strategy for de-regulated countries.
Since the 3rd quarter of 2009, new business premiums in Singapore have been consistently increasing[9].
* Opportunity to re-acquire customers.
* Multiple product and service offerings at competitive prices.
* Acquire customers that defaulted during the financial crisis by providing coverage at the same premium or payment in installments.
Increased competition from the Internet.
* High costs involved in changing and/or updating technology platforms.
* Customers have a clearer idea of product offering and higher bargaining power over insurers.
* Provide high quality service to convert a one-time online sale by cross selling and up selling.
THREAT
KEY THREATS
IMPACT ON INSURER
IMPACT ON CUSTOMER
STRATEGY
Deregulation of the insurance industry has increased competition from new entrants.
* Lower profit margins and increased customer acquisition and retention costs.
* Financial and protection needs are met by a single channel.
* Joint venture, merger or acquisition with/of a bank and other financial institutions.
Increased competition from the Internet.
* High costs involved in changing and/or updating technology platforms.
* Customers have a clearer idea of product offering and higher bargaining power over insurers.
* Provide high quality service to convert a one-time online sale by cross selling and up selling.
* Develop a powerful and customer friendly web platform.
Rising costs due to increase in fraudulent activities.
* Lower profit margin and increased operational cost.
* Customer dissatisfaction with high turnaround time for claim resolution.
· Implement CDI tools to reduce duplication of records and redundant customer data.
New government regulations may result in lowering profit margins for the insurer.
* Inability to serve customer segments resulting in declining profit margins.
* Customer has limited option of products to choose from or has to pay higher premiums.
* Develop products that abide by government regulations but at the same time are able to meet customer needs.
Implementing a CVM Framework for a Life Insurer
Customer Value Management (CVM) provides a systematic methodology of modeling the value proposition relative to competition by putting process improvements into operation and communicating these improvements back to the customer in terms of better service and value add.
From a life insurance organization's point of view, customer value management can be structured into the following three components[10]:
Analysis
Planning
Continuous Improvement
The three componen
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